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Show me the money: what students need to know about refund checks

Contributing Writer January 17, 2017NewsComments Off on Show me the money: what students need to know about refund checks2,316 Views

APSU students who are eligible will receive their refund check starting Tuesday, Jan. 17. The students who receive a refund have financial aid that is more than their tuition and receive the difference in the form of a check.

All students who have more financial aid than their tuition cost will receive a refund check, regardless if the financial aid comes from loans, scholarships or a combination of both.

The only difference is that students who receive a refund check from loans still have to pay back the loan money. The students who only have financial aid from scholarships do not owe money.

“I have a full ride to school and haven’t taken out any loans. I generally use the refund check money to pay for school books and sorority dues,” sophomore nursing major Corie Moore said. “By the time I’m done paying for all of those fees, I’m left with around $200.”

Moore is like many college students waiting for their refund check to come, because they use that money for school purposes.

Some students put the money they receive into a savings account for future purposes.

“I used the money I received last year to buy myself a new car. This year the money I don’t use for school books will be put into a savings account for an apartment. I don’t have any loans, so the money that I am receiving won’t have to be paid back,” sophomore math education major Darby Del Duca said.

While there are many students like Moore and Del Duca who save their refund check money or use it for school purposes, others may use the money too freely.

According to Forbes, a common mistake students make is treating the money like it is free.

Many students will take out more loan money than they need just to receive the refund check. They will then use the check to go on trips or splurge on items.

They do not realize refund money from a loan eventually has to be paid back.

Creating a budget will allow students who receive a refund check to properly allocate the money to certain needs, such as schoolbooks and resources.

The money left over from that can be used to pay for housing, transportation or student debt.

For more information, contact APSU’s Office of the Bursar at (931) 221-6285.